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IIFL Finance emerges as second largest gold loan NBFC

IIFL Finance, a Non-Banking Financial Company (NBFC), has become the second-largest gold loan provider, surpassing Manappuram Finance. The gold loan portfolio has crossed Rs 23,690 crore in assets under management (AUM), exceeding Manappuram Finance’s Rs 20,809 crore.

“This has cemented IIFL Finance’s position as the second largest gold loan provider in India in terms of AUM,” IIFL Finance head of Gold Loan Business Saurabh Kumar, said.

Muthoot Finance holds the top position in gold loans with an AUM of Rs 66,089 crore as of September 2023.

Kumar said, “The company has about 18.6 lakh customers and over 70 per cent of our customers are repeat customers helped by customer centric approaches like repayment grace period, no foreclosure charges, transparency in dealings, and proactive customer need identification.”

The company anticipates a 25-27% increase in gold loans in FY’24. IIFL Finance extends gold loans to salaried, self-employed, and Micro, Small and Medium Enterprises (MSME) customer segments, covering 1,486 towns and rural areas across 25 states and 4 Union Territories.

In addition to gold loans, IIFL Finance offers affordable home loans, microfinance loans, and business loans, boasting a consolidated AUM of Rs 73,066 crore.

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